7Baggers

Ternium S.A
(NYSE:TX) 

TX stock logo

Ternium S.A., through its subsidiaries, manufactures and processes various steel products in Mexico, Argentina, Paraguay, Chile, Bolivia, Uruguay, Brazil, the United States, Colombia, Guatemala, Costa Rica, Honduras, El Salvador, and Nicaragua. It operates through two segments, Steel and Mining. The...

Founded: 2005
Full Time Employees: 19,863
CEO: Máximo Vedoya  
Sector: Basic Materials
Industry: Steel
Steel
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    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-11-03 2016-08-02 2015-12-31 2014-12-31 2013-12-31 2012-12-31 2012-06-30 2012-04-25 2011-12-31 2011-11-02 2011-08-03 2011-06-30 2010-12-31 2010-05-05 2010-05-04 2009-12-31 2009-11-04 2009-05-05 2008-12-31 2008-05-05 2007-12-31 2007-05-04 2006-12-31 2006-05-05 2005-12-31 
                                                                 
      net sales
    		3,954,562,000 3,946,939,000 3,932,808,000  4,480,356,000 4,514,152,000 4,778,297,000 17,610,092,000 5,184,710,000 3,871,272,000 3,623,371,000  4,125,478,000 4,437,676,000 4,304,829,000  4,592,007,000 3,919,764,000 3,249,296,000  2,138,644,000 1,745,760,000 2,271,355,000  2,419,500,000 2,813,389,000 2,737,556,000  2,903,050,000 3,133,957,000 9,700,296,000  2,479,533,000 2,262,647,000 2,040,081,000  1,856,051,000 1,862,841,000     2,157,216,000 2,181,931,000  2,467,072,000 2,345,628,000 7,382,004,000  4,958,983,000 1,650,599,000  1,278,835,000 1,174,655,000  2,427,678,000  6,568,975,000  4,447,680,000  
      yoy
    		-11.74% -12.57% -17.69%  -13.59% 16.61% 31.87%  25.68% -12.76% -15.83%  -10.16% 13.21% 32.48%  114.72% 124.53% 43.06%  -11.61% -37.95% -17.03%  -16.66% -10.23% -71.78%  17.08% 38.51% 375.49%  33.59% 21.46%         -8.03% -70.44%  -50.25% 42.11%   322.17%    -82.12%  -45.42%      
      qoq
    		0.19% 0.36%   -0.75% -5.53% -72.87% 239.65% 33.93% 6.84%   -7.04% 3.09%   17.15% 20.63%   22.51% -23.14%   -14.00% 2.77%   -7.37% -67.69%   9.59% 10.91%   -0.36%      -1.13%   5.18% -68.23%   200.44%   8.87%         
      cost of sales
    		-3,346,173,000 -3,336,863,000 -3,401,858,000  -3,901,911,000 -3,757,556,000 -3,674,744,000 -14,050,737,000 -4,192,014,000 -2,839,419,000 -2,980,751,000  -3,325,164,000 -3,058,908,000 -2,984,185,000  -2,621,145,000 -2,415,692,000 -2,138,251,000  -1,756,566,000 -1,508,797,000 -1,920,477,000  -1,994,086,000 -2,325,047,000 -2,216,554,000  -2,012,636,000 -2,233,024,000 -7,403,025,000  -1,916,963,000 -1,668,168,000 -1,496,435,000  -1,291,278,000 -1,389,727,000     -1,689,083,000 -1,712,302,000  -1,909,476,000 -1,770,095,000 -5,665,254,000  -4,110,370,000 -1,213,645,000  -1,005,363,000 -1,044,572,000  -1,766,892,000    -2,470,844,000  
      gross profit
    		608,389,000 610,076,000 530,950,000  578,445,000 756,596,000 1,103,553,000 3,559,355,000 992,696,000 1,031,853,000 642,620,000  800,314,000 1,378,768,000 1,320,644,000  1,970,862,000 1,504,072,000 1,111,045,000  382,078,000 236,963,000 350,878,000  425,414,000 488,342,000 521,002,000  890,414,000 900,933,000 2,297,271,000  562,570,000 594,479,000 543,646,000  564,773,000 473,114,000     468,133,000 469,629,000  557,596,000 575,533,000 1,716,750,000  848,613,000 436,954,000  273,472,000 130,083,000  660,786,000  2,267,591,000  1,976,836,000  
      yoy
    		5.18% -19.37% -51.89%  -41.73% -26.68% 71.73%  24.04% -25.16% -51.34%  -59.39% -8.33% 18.87%  415.83% 534.73% 216.65%  -10.19% -51.48% -32.65%  -52.22% -45.80% -77.32%  58.28% 51.55% 322.57%  -0.39% 25.65%         -18.66% -72.64%  -34.29% 31.71%   552.36%    -94.26%  -66.57%      
      qoq
    		-0.28% 14.90%   -23.55% -31.44% -69.00% 258.55% -3.79% 60.57%   -41.95% 4.40%   31.04% 35.37%   61.24% -32.47%   -12.89% -6.27%   -1.17% -60.78%   -5.37% 9.35%   19.37%      -0.32%   -3.12% -66.48%   94.21%   110.23%         
      gross margin %
    		15.38% 15.46% 13.50% NaN% 12.91% 16.76% 23.10% 20.21% 19.15% 26.65% 17.74% NaN% 19.40% 31.07% 30.68% NaN% 42.92% 38.37% 34.19% NaN% 17.87% 13.57% 15.45% NaN% 17.58% 17.36% 19.03% NaN% 30.67% 28.75% 23.68% NaN% 22.69% 26.27% 26.65% NaN% 30.43% 25.40%    NaN% 21.70% 21.52% NaN% 22.60% 24.54% 23.26% NaN% 17.11% 26.47% NaN% 21.38% 11.07% NaN% 27.22% NaN% 34.52% NaN% 44.45%  
      selling, general and administrative expenses
    		-396,271,000 -402,900,000 -396,200,000  -412,028,000 -434,579,000 -431,166,000 -1,471,678,000 -442,949,000 -304,271,000 -292,924,000  -277,355,000 -310,444,000 -281,303,000  -237,356,000 -244,531,000 -210,367,000  -183,093,000 -171,451,000 -211,591,000  -208,303,000 -250,443,000 -219,276,000  -205,951,000 -245,001,000 -824,247,000  -211,249,000 -189,048,000 -172,275,000  -168,442,000 -180,020,000     -211,382,000 -189,800,000  -203,949,000 -209,681,000 -665,306,000  -531,530,000 -144,310,000  -114,570,000 -136,166,000  -236,955,000      
      other operating income
    		3,282,000 -7,949,000 -2,924,000  9,081,000 48,504,000 2,469,000 110,337,000 -22,431,000 4,159,000 7,694,000  3,280,000 2,828,000 19,674,000                             3,358,000            11,024,000      
      operating income
    		215,400,000 199,227,000 131,826,000  175,498,000 370,521,000 674,856,000 2,198,014,000 527,316,000 731,741,000 357,390,000  526,239,000 1,071,152,000 1,059,015,000  1,735,380,000 1,271,441,000 905,773,000  201,021,000 65,586,000 135,676,000  224,368,000 238,251,000 307,284,000  689,296,000 650,348,000 1,456,784,000  349,845,000 392,822,000 364,151,000  399,148,000 293,514,000     257,577,000 283,187,000  351,965,000 348,645,000 1,053,937,000  296,383,000 293,499,000  158,878,000 -26,483,000  434,855,000  1,636,569,000  1,392,161,000  
      yoy
    		22.74% -46.23% -80.47%  -66.72% -49.36% 88.83%  0.20% -31.69% -66.25%  -69.68% -15.75% 16.92%  763.28% 1838.59% 567.60%  -10.41% -72.47% -55.85%  -67.45% -63.37% -78.91%  97.03% 65.56% 300.05%  -12.35% 33.83%         -26.12% -73.13%  18.75% 18.79%   -1219.14%    -101.62%  -68.76%      
      qoq
    		8.12% 51.13%   -52.63% -45.10% -69.30% 316.83% -27.94% 104.75%   -50.87% 1.15%   36.49% 40.37%   206.50% -51.66%   -5.83% -22.47%   5.99% -55.36%   -10.94% 7.87%   35.99%      -9.04%   0.95% -66.92%   0.98%   -699.92%         
      operating margin %
    		5.45% 5.05% 3.35% NaN% 3.92% 8.21% 14.12% 12.48% 10.17% 18.90% 9.86% NaN% 12.76% 24.14% 24.60% NaN% 37.79% 32.44% 27.88% NaN% 9.40% 3.76% 5.97% NaN% 9.27% 8.47% 11.22% NaN% 23.74% 20.75% 15.02% NaN% 14.11% 17.36% 17.85% NaN% 21.51% 15.76%    NaN% 11.94% 12.98% NaN% 14.27% 14.86% 14.28% NaN% 5.98% 17.78% NaN% 12.42% -2.25% NaN% 17.91% NaN% 24.91% NaN% 31.30%  
      finance expense
    		-53,336,000 -56,318,000 -54,342,000  -54,149,000 -45,029,000 -44,879,000 -125,376,000 -47,328,000 -17,542,000 -16,200,000  -14,634,000 -7,313,000 -6,622,000  -6,527,000 -6,796,000 -7,228,000  -8,998,000 -13,566,000 -16,293,000  -25,353,000 -21,667,000 -19,769,000  -36,701,000 -33,294,000 -114,583,000  -29,235,000 -24,101,000 -21,382,000  -28,746,000 -23,870,000                        
      finance income
    		55,860,000 57,458,000 68,491,000  71,323,000 73,376,000 82,554,000 255,009,000 77,740,000 42,033,000 41,446,000  7,080,000 15,636,000 24,317,000  19,391,000 18,456,000 16,313,000  15,898,000 7,049,000 7,948,000  8,890,000 6,647,000 5,889,000  5,035,000 5,468,000 19,408,000  5,251,000 4,500,000 4,595,000  3,363,000 4,097,000                        
      other financial income
    		-37,203,000 -30,686,000 48,512,000  56,988,000 -66,949,000 -200,225,000  -199,000 -42,481,000 -17,419,000  -47,393,000 28,856,000 -78,567,000                            -8,844,000 12,201,000                  
      equity in earnings of non-consolidated companies
    		24,603,000 24,898,000 15,871,000  16,847,000 14,772,000 19,560,000 105,305,000 18,643,000 27,301,000 34,875,000  -89,688,000 49,273,000 58,749,000  84,421,000 171,054,000 46,519,000  13,212,000 -19,668,000 6,086,000  1,872,000 20,329,000 14,878,000  22,594,000 12,366,000 68,115,000  15,535,000 15,163,000 21,410,000   4,884,000     -4,492,000 1,423,000                  
      provision for ongoing litigation related to the acquisition of a participation in usiminas
    		-31,600,000 -39,700,000 -45,300,000  -31,000,000 -783,000,000                                                        
      profit before income tax expense
    		173,724,000 154,879,000 165,058,000  235,507,000   1,320,782,000     381,604,000 1,157,604,000 1,056,892,000  1,852,467,000 1,465,388,000 968,261,000  200,484,000 31,301,000 247,917,000  194,141,000 253,090,000 295,290,000  599,310,000 513,521,000 1,359,809,000  336,554,000 340,912,000 345,623,000  387,734,000 298,212,000                        
      income tax expense
    		-443,593,000 104,436,000 -22,727,000  -142,802,000   -334,408,000 -253,020,000    -161,701,000 -221,419,000 -179,374,000  -486,027,000  -261,593,000  -27,469,000  -267,282,000  -83,504,000 -47,350,000 -70,362,000  -75,950,000 -175,742,000 -336,882,000  -103,823,000 -59,123,000 -35,234,000  -123,401,000 -123,959,000     -81,415,000 -78,214,000  -15,384,000 -117,625,000             -218,492,000  
      profit for the period
    		-269,869,000 259,315,000 142,331,000  92,705,000 -743,126,000 491,431,000  -782,839,000 735,883,000 479,520,000  219,903,000 936,185,000 877,518,000  1,366,440,000 1,158,264,000 706,668,000  173,015,000 43,585,000 -19,365,000  110,637,000 205,741,000 224,928,000  523,360,000 337,779,000   232,731,000 281,789,000 310,389,000  264,333,000 174,253,000     125,116,000 190,493,000  23,421,000 246,896,000    245,117,000  104,657,000 -117,018,000        
      attributable to:
    		                                                             
      owners of the parent
    		20,608,000 215,446,000 66,978,000  31,656,000 -727,617,000 361,436,000 676,043,000 -739,134,000 626,930,000 374,374,000  152,793,000 799,270,000 775,621,000  1,202,063,000 1,022,108,000 602,928,000  145,594,000 44,046,000 -11,582,000  94,502,000 181,122,000 218,222,000  488,527,000 326,570,000 886,219,000  194,938,000 249,705,000 261,335,000  228,854,000 153,982,000                        
      non-controlling interest
    		-290,477,000 43,869,000 75,353,000  61,049,000 -15,509,000 129,995,000 310,331,000 -43,705,000 108,953,000 105,146,000  67,110,000 136,915,000 101,897,000  164,377,000 136,156,000 103,740,000  27,421,000 -461,000 -7,783,000  16,135,000 24,619,000 6,706,000  34,833,000 11,209,000 136,708,000  37,793,000 32,084,000 49,054,000  35,479,000 20,271,000     14,323,000 30,910,000  17,017,000 49,180,000 157,394,000              
      weighted-average number of shares outstanding
    		1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,963,076,776,000    1,963,076,776,000 1,963,076,776,000 1,963,076,776,000 1,968,327,917,000 1,963,076,776,000 1,963,076,776,000 2,004,743,442,000 2,004,743,442,000 2,004,743,442,000 2,004,743,442,000 2,004,743,442,000 2,004,743,442,000 2,004,743,442,000 2,004,743,442,000  2,004,743,442,000 1,936,833,060,000 1,936,833,060,000 1,209,476,609,000  
      basic and diluted earnings per share for profit attributable to the equity holders of the company
    		0.01 0.11 0.03  0.02 -0.37 0.18  -0.38 0.32 0.19  0.08 0.41 0.4  0.61 0.52 0.31  0.07 0.02 -0.01  0.05 0.09 0.11  0.25 0.17   0.1 0.13 0.13   0.08     0.06 0.08   0.1    0.1  0.04 -0.05  0.21      
      effect related to the increase of the participation in usiminas
    		       -171,045,000 -171,045,000                                                     
      recycling of other comprehensive income related to usiminas
    		       -934,946,000 -934,946,000                                                     
      profit before income tax credit
    		     -436,309,000 531,866,000  -529,819,000 741,052,000 400,092,000                                                   
      income tax (expense) credit
    		     -306,817,000 -40,435,000                                                       
      other financial (expenses) income
    		       -6,179,000              -8,100,000                        -291,692,000       -44,911,000 -165,005,000        
      profit for the year
    		       986,374,000                       1,022,927,000                 779,470,000  767,124,000            
      basic and diluted earnings per share for profit attributable to the owners of the parent
    		       0.34                       0.45                               
      income tax credit
    		         -5,169,000 79,428,000                                                   
      other operating income (expenses)
    		                1,874,000 11,900,000 5,095,000  2,036,000 74,000 -3,611,000  7,258,000 352,000 5,558,000  4,833,000 -5,584,000 -16,240,000  -1,476,000 -12,609,000 -7,220,000  2,817,000 420,000          2,493,000   855,000           
      other financial income (expenses)
    		                19,802,000 11,233,000 6,884,000  -20,649,000  114,500,000  -15,637,000 9,530,000 -12,992,000  -80,914,000 -121,367,000 -69,915,000  -4,842,000 -47,472,000 -23,151,000  13,186,000 19,587,000         24,297,000 115,112,000  81,639,000 96,235,000           
      income tax benefit
    		                 -307,124,000    12,284,000                             -156,832,000           
      equity in earnings (losses) of non-consolidated companies
    		                                    783,000                         
      basic and diluted earnings
    		                                    120                         
      other operating income (expenses) net
    		                                          826,000                   
      interest expense
    		                                          -40,388,000 -36,915,000  -28,293,000 -25,053,000 -72,969,000  -105,810,000 -18,920,000  -25,589,000 -27,706,000  -45,138,000      
      interest income
    		                                          2,678,000 6,703,000  4,808,000 13,239,000 27,347,000  21,141,000 4,126,000  5,752,000 5,096,000  17,474,000  52,554,000    
      income before income tax expense
    		                                          206,531,000 268,707,000  38,805,000 364,521,000 1,186,127,000  430,415,000 401,949,000  132,659,000 -213,557,000  351,688,000  1,258,322,000  1,291,305,000  
      profit for the period attributable to:
    		                                                             
      equity holders of the company
    		                                          110,793,000 159,583,000  6,404,000 197,716,000 622,076,000  717,400,000 205,238,000  88,480,000 -93,182,000  422,125,000  795,424,000  704,406,000  
      interest income – sidor financial asset
    		                                           2,108,000    61,012,000              
      other operating (expenses) income
    		                                             -1,682,000 -17,207,000   -20,700,000   -24,000 -20,400,000        
      interest income — sidor financial asset
    		                                             2,419,000 3,080,000   135,952,000 27,232,000  38,259,000         
      equity in earnings of associated companies
    		                                             -402,000 313,000 1,688,000  1,110,000 -223,000  270,000 541,000  295,000  4,534,000  21,524,000  
      attributable to: - sum
    		                                             23,421,000 246,896,000 779,470,000  767,124,000 245,117,000  104,657,000 -117,018,000  483,567,000  995,966,000  1,072,813,000  
      continuing operations
    		                                                             
      current and deferred income tax expense
    		                                               -406,657,000  -91,314,000      -65,755,000      
      reversal of deferred statutory profit sharing
    		                                                       96,265,000      
      income from continuing operations
    		                                               779,470,000  339,101,000   104,657,000 -117,018,000  382,198,000      
      discontinued operations
    		                                                             
      income from discontinued operations
    		                                                 428,023,000      101,369,000      
      basic and diluted earnings per share (expressed in usd per share) for profit:
    		                                                             
      - from continuing operations attributable to the equity holders of the company
    		                                               0.31  0.15            
      - from discontinued operations attributable to the equity holders of the company
    		                                                 0.21            
      - for the year attributable to the equity holders of the company
    		                                               0.31  0.36            
      minority interest
    		                                                 49,724,000 39,879,000  16,177,000 -23,836,000  61,442,000  200,542,000  368,407,000  
      income tax
    		                                                             
      current and deferred income tax benefit
    		                                                    -28,002,000 96,539,000        
      other financial expenses
    		                                                       -55,798,000      
      net income for the period
    		                                                       483,567,000      
      weighted average number of shares outstanding
    		                                                       2,004,743,442,000      
      other operating expenses
    		                                                           -63,482,000  
      excess of fair value of net assets acquired over cost
    		                                                           188,356,000  
      net income for the year
    		                                                         995,966,000  1,072,813,000  
      basic earnings per share for profit attributable to the equity holders of the company,
    		                                                         0.41    
      diluted earnings per share for profit attributable to the equity holders of the company,
    		                                                         0.41    
      general and administrative expenses
    		                                                           -269,231,000  
      selling expenses
    		                                                           -251,962,000  
      financial (expenses) income
    		                                                           -310,736,000  
      basic earnings per share for profit attributable to the equity holders of the company, during the year
    		                                                           0.58  
      diluted earnings per share for profit attributable to the equity holders of the company, during the year
    		                                                           0.54  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2019-02-19 2018-12-31 2018-10-30 2018-09-30 2018-06-30 2018-03-31 2017-09-30 2017-06-30 2017-03-31 2017-02-22 2016-11-03 2016-08-02 2015-12-31 2015-09-30 2015-06-30 2014-12-31 2014-06-30 2013-12-31 2013-09-30 2012-12-31 2012-06-30 2012-04-25 2011-11-02 2011-08-03 2011-06-30 2011-03-31 2010-12-31 2010-06-30 2010-05-05 2010-05-04 2009-12-31 2009-11-04 2009-05-05 2009-02-24 2008-08-05 2008-05-05 2008-02-26 2007-12-31 2007-05-04 2006-12-31 2006-05-05 2005-12-31 
                                                                           
        property, plant and equipment
      		10,104,000,000 9,486 8,803,071 8,381,155 8,141,878 7,911,186 7,856 7,637,687 7,384,023 6,324,307 6,294,219 6,261,887 6,381,478 6,408 6,406.4 6,431,578 6,462,500,000 6,494,282 6,488,527 6,504.7 6,525,800,000 6,596.7 6,636.3 6,539,581,000 6,295,826,000 6,375,120,000 6,166.1 5,817.6 5,817,609,000 5,594.9 5,594,881,000 5,138.8 5,349,753,000 5,023,749,000 4,160.2 4,221,994,000 4,136 4,158.7 4,159,656,000 4,207,566,000 4,437 4,450.4 4,481 4,528.7 4,708,895,000 4,763.4 4,438,117 4,135.4 4,042,474,000 4,107,414,000 4,429,143,000 4,262,896,000 4,342.5 4,262.9 4,065.5 4,040,415,000 4,116,119,000 4,040,415,000 3,967,004,000 3,935,622,000 4,212.3 5,188 6,912,982,000 6,858.8 6,858,779,000 5,420,683,000 5,420,683,000 5,463,871,000 5,463,871,000 
        intangible assets
      		1,018,000,000 1,025 1,018,919 1,022,111 1,062,090 1,049,670 1,025 996,048 1,028,981 968,124 957,354 944,409 927,067 916 903.9 902,256 897,000,000 895,948 893,157 908.6 908,300,000 915.7 927.8 943,838,000 944,996,000 968,590,000 990.9 1,012.5 1,012,524,000 1,006.1 1,006,113,000 1,027.4 1,092,579,000 1,132,463,000 831.9 834,594,000 842.6 847.4 861,742,000 888,206,000 903.2 921.4 948.9 963.2 961,504,000 964.8 965,206 973.9 974,444,000 1,028,676,000 1,166,905,000 1,129,348,000 1,157.9 1,129.3 1,094.8 1,085,412,000 1,121,704,000 1,085,412,000 1,063,604,000 1,036,068,000 1,136.4 1,501 1,463,768,000 1,452.2 1,452,230,000 551,587,000 551,587,000 552,882,000  
        investments in non-consolidated companies
      		582,000,000 553 509,476 468,516 517,261 497,486 524 517,265 512,998 938,998 877,387 821,571 782,533 899 936.7 751,475 697,300,000 715,856 477,702 471.3 393,500,000 390.6 409.5 513,648,000 494,415,000 533,963,000 506.1 495.2 495,241,000 443 442,970,000 438.3 478,348,000 488,064,000 453.8 458,221,000 418.4 425.2 429,884,000 250,412,000 450 630 1,396.6 1,464.6 1,375,165,000 1,443.9 1,710,514 2,064.9 2,301,909,000                     
        other investments
      		1,438,000,000 1,517 340 22,979 26,928 31,004 35 210,930 262,471 102,931 124,980 100,716 93,195 70 76.2 67,277 55,700,000 3,039 2,861 2.9 2,900,000 6.3 3.2 3,253,000 4,134,000 5,141,000 7.2 7.2 7,195,000 14.9 14,899,000 31.1 3,380,000 3,444,000 5.9 4,852,000 6 6.8 203,110,000 237,191,000 150.8 168.1 150 108.4  161.1 7,137 10.6 10,612,000 33,163,000 31,928,000 35,575,000 31.4 35.6 37 16,414,000 37,192,000 16,414,000 18,483,000 16,518,000 16.9 15.4 15,304,000 14.8 14,815,000 13,387,000 13,387,000 12,607,000  
        deferred tax assets
      		1,047,000,000 1,429 1,298,306 1,194,398 1,432,487 1,388,813 1,694 1,713,385 1,526,677 348,858 223,693 200,237 208,292 222 183.1 160,745 154,300,000 140,480 151,600 158.7 126,800,000 124.1 119.8 163,538,000 128,471,000 139,405,000 147.4 134.2 134,224,000 118.2 118,216,000 129.1 121,092,000 117,760,000 111.5 106,933,000 85.8 85.9 88,423,000 98,058,000 104.2 116.5 31.6 49.3 24,902,000 14.6 12,541 11.6 9,066,000 8,606,000 9,777,000 12,387,000 12.3 12.4        2.2 24,072,000 31.8 31,793,000 36,439,000 36,439,000 29,126,000  
        receivables
      		904,000,000 1,077 1,029,511 961,298 1,012,957 943,473 994 1,073,245 808,720 409,351 327,610 318,690 250,592 226 179.3 177,803 164,600,000 192,334 200,723 243.3 267,800,000 483.1 506.2 592,565,000 569,910,000 621,697,000 622.5 649.4 649,447,000 652.4 652,361,000 636 677,299,000 360,639,000 142.9 142,217,000 132.6 101.5 78,145,000 36,147,000 36.6 37.3 47.5 107 79,407,000 31.9 72,827 105.5 111,437,000 114,875,000 93,996,000 56,471,000 91.8 56.5 67.2 101,317,000 77,936,000 101,317,000 167,120,000 116,348,000 120.2 58 77,524,000 217.6 217,638,000 78,903,000 78,903,000 47,863,000  
        total non-current assets
      		13,656,000,000 13,571     12,128       8,742 8,685.8  8,431,400,000   8,289.5 8,225,200,000 8,516.7 8,603.2    8,444.5 8,121.8  7,836.4  7,406.3   5,707  5,622.6 5,626.4   5,930.9 6,155.7 6,905.7 7,113.6  7,222.3  7,307.5     5,644.3 5,579.4 5,270.1      5,491.4 6,769.4  8,619.3      
        derivative financial instruments
      		75,000,000 101 7,619 4,483 24,150 7,145 7 15,406   74 227 6,485 7 0.4 4,353 1,500,000 3,338 1,421 1.6 1,500,000 7.7 17.3   166,000 0.5 0.8 818,000 1.2 1,166,000 1.7 2,304,000 6,308,000 39.5 13,195,000 0.3 1.9 11,873,000 1,787,000 3.2 3.1 4.3 1.6 1,535,000 1 64 2.2 11,954,000 1,259,000 3,756,000 212,000 0.3 0.2 30.2 1,588,000 589,000 1,588,000 3,949,000  1.5 0.5 29,464,000 0.6 577,000 7,852,000 7,852,000 5,402,000  
        inventories
      		4,132,000,000 4,228 4,591,291 4,750,511 5,019,078 5,048,040 5,059 4,948,376 5,135,940 3,758,603 3,297,625 3,470,215 3,966,258 4,540 3,780.5 3,908,305 3,626,400,000 2,945,243 2,345,038 2,001.8 1,667,300,000 1,803.9 2,083.6 2,158,298,000 2,336,275,000 2,447,577,000 2,566.4 2,689.8 2,689,829,000 2,670.5 2,670,511,000 2,589.4 2,550,930,000 2,357,217,000 1,936.6 1,897,371,000 1,647.9 1,570.5 1,362,221,000 1,579,120,000 1,769.8 1,816.5 2,134 2,116 1,941,130,000 1,831.4 2,000,137 2,221.2 2,154,789,000 2,313,236,000 2,472,663,000 1,953,390,000 2,053 1,953.4 1,630.5 1,350,568,000 1,378,909,000 1,350,568,000 1,093,019,000 1,344,973,000 1,826.5 2,338 2,128,354,000 1,913.1 1,913,051,000 1,241,325,000 1,241,325,000 1,000,119,000  
        trade receivables
      		1,775,000,000 1,766 1,812,062 1,562,058 1,895,736 1,972,702 2,181 2,065,499 38 1,412,260 1,298,161   1,976 0.2 229 2,066,900,000 1,754,168 1,368,694 918.4 100,000 0.2 0.4 897,000 1,784,000 2,832,000 3.9 4.8 4,766,000 5.8 5,838,000 5.6 4,832,000 1,543,000 0.9 1,094,000 1.3 1 690,922,000 -5,480,389,000 651.8 691 0.1 0.8 1,754,000 2.5 5,029 5.6 7,049,000 7,177,000 872,490,000 663,502,000 834.1 663.5 705.3 437,835,000 639,607,000 437,835,000 467,071,000 549,055,000 623 1,051.2 923,248,000 847.8 847,827,000 577,866,000 577,866,000 472,760,000  
        cash and cash equivalents
      		1,323,000,000 1,858 1,831,183 1,691,263 1,614,253 1,719,465 1,780 1,846,013 1,815,731 920,404 1,220,149 1,653,355 1,474,158 719 1,790.3 1,276,605 947,600,000 768,691 835,384 537.9 680,700,000 454.6 906.4 519,965,000 637,669,000 777,528,000 464.3 250.5 250,541,000 399.1 399,060,000 229.8 337,779,000 383,814,000 178.3 285,967,000 183.5 149.4 178,930,000 151,491,000 200.4 263.9 213.3 229.7 307,218,000 323.4 560,307 487.1 646,473,000 1,485,503,000 1,444,654,000 1,779,416,000 1,714.1 1,779.4 2,637.2 2,095,798,000 2,386,960,000 2,095,798,000 1,884,367,000 1,080,417,000 1,065.6 688.8 996,633,000 1,126 1,126,041,000 643,352,000 643,352,000 765,630,000 765,630,000 
        total current assets
      		9,807,000,000 10,341     12,532       9,047 9,032.8  7,738,200,000   4,561.8 3,965,900,000 3,870.9 4,333.5    4,654.3 4,423.9  4,657.3  4,455.3   3,378.9  2,690.1 2,694.5   2,889.3 3,041.2 3,334.1 3,477  3,232.8  4,001.3     5,717.7 5,522.9 5,515.6      5,174.5 5,658  4,378.9      
        non-current assets classified as held for sale
      		8,000,000 8     9  6,577 1,764 1,764  1,764 2 1.9  5,000,000 4,996 4,996 5 1,900,000 2.1 2.1 2,098,000 2,069,000 2,125,000 2.1 2.1 2,149,000 2.2 2,167,000 2.2 2,763,000 9,661,000 9.7 10,275,000 10.2 11.9 11,903,000 11,667,000 14.6 14.6 14.8 17.2 17,770,000 16.3 12,018 4.8 10,354,000 10,765,000 12,159,000 9,961,000 10.6 10 10 9,246,000 10,080,000 9,246,000 10,348,000 16,519,000  6.7 7,123,000 769.1 769,142,000 7,042,000 7,042,000   
        total assets
      		23,471,000,000 23,919 23,715,575 23,128,547 23,938,458 23,663,141 24,669 24,179,104 24,285,039 17,936,807 17,906,504 17,491,548 17,421,906 17,790 17,720.5 17,097,907 16,174,600,000 14,850,579 13,753,236 12,856.2 12,193,000,000 12,389.6 12,938.8 12,935,533,000 13,004,074,000 13,583,257,000 13,100.9 12,547.9 12,547,862,000 12,495.9 12,495,921,000 11,863.8 12,122,566,000 11,426,152,000 9,095.6 9,061,708,000 8,322.9 8,332.7 8,146,942,000 8,062,593,000 8,834.8 9,211.5 10,254.5 10,607.8 10,372,624,000 10,471.4 10,866,999 11,313.6 11,519,461,000 10,902,552,000 11,658,866,000 11,112,331,000 11,372.5 11,112.3 10,795.6 10,292,673,000 10,561,786,000 10,292,673,000 10,086,894,000 9,808,061,000 10,671.2 12,434.1 13,221,104,000 13,767.3 13,767,310,000 8,770,539,000 8,770,539,000 8,659,981,000 8,659,981,000 
        million
      		                                                                     
        capital and reserves attributable to the owners of the parent
      		11,976,000,000 12,004 12,107,998 11,968,186 11,940,839 11,881,437 13,029 12,418,595 12,436,657 12,386,634 12,229,896 11,845,959 11,900,248 11,776 11,415.7 10,535,019 9,704,400,000 8,549,548 7,841,311 7,286.1 6,686,100,000 6,548.3 6,499.8 6,611,665,000 6,536,301,000 6,630,291,000 6,586.1 6,393.3 6,393,255,000 5,939.6 5,939,621,000 5,257.6 5,010,424,000 4,888,002,000 4,728.8 4,683,040,000 4,391.3 4,310.6 4,094,015,000 4,033,148,000 4,341.3 4,464.1                            
        non-controlling interest
      		4,325,000,000 4,578 4,428,598 4,163,383 4,385,400 4,274,049 4,527 4,393,264 4,429,678 1,922,933 2,022,602 1,922,434 1,879,176 1,928 1,803.8 1,700,019 1,561,500,000 1,398,209 1,251,225 1,157 1,091,000,000 1,067.7 1,077.6 1,103,208,000 1,058,496,000 1,137,570,000 1,083.6 1,091.3 1,091,321,000 939.1 939,099,000 772.2 842,347,000 846,352,000 816.6 834,544,000 775.3 762.2 731,593,000 769,849,000 888.3 897.6 973.5 974.1 998,009,000 1,044.7 1,074,763 1,096.4 1,121,346,000 1,078,185,000 1,247,715,000 1,135,361,000                  
        total equity
      		16,300,000,000 16,582 16,536,596 16,131,569 16,326,239 16,155,486 17,556 16,811,859 16,866,335 14,309,567 14,252,498 13,768,393 13,779,424 13,704 13,219.5 12,235,038 11,265,900,000 9,947,757 9,092,536 8,443.2 7,777,100,000 7,616 7,577.4 7,714,873,000 7,594,797,000 7,767,861,000 7,669.7 7,484.6 7,484,576,000 6,878.7 6,878,720,000 6,029.7 5,852,771,000 5,734,354,000 5,545.4 5,517,584,000 5,166.6 5,072.7 4,825,608,000 4,802,997,000 5,229.6 5,361.7 6,258.5 6,387.7 6,338,044,000 6,391.5 6,495,646 6,714.4 7,003,316,000 6,839,163,000 7,301,961,000 7,016,101,000 7,178.1   6,261,239,000 6,564,720,000 6,261,239,000 5,990,432,000 5,251,862,000   6,880,980,000  6,366,890,000 5,487,141,000 5,487,141,000 3,575,919,000  
        provisions
      		614,000,000 602 592,331 552,600 627,210 636,640 806 839,921 909,198 84,891 81,195 81,422 80,031 84 93.1 83,299 87,200,000 90,732 78,999 80.6 256,400,000 451.5 475.4 613,352,000 593,918,000 646,132,000 635.1 644 643,950,000 632.4 632,366,000 657.1 768,517,000 121,827,000 7.3 7,574,000 7 6.6 7,596,000 8,142,000 10.2 10.1 9.1 11.3 13,984,000 14.8 17,499 17.6 15,912,000 17,051,000 18,238,000 16,144,000 20.1 16.1 16.3 18,913,000 19,057,000 18,913,000 20,743,000 21,339,000 24.4 29.3 59,559,000 57.3 57,345,000 60,543,000 60,543,000 53,479,000  
        deferred tax liabilities
      		43,000,000 40 94,653 88,707 105,573 29,957 23 170,820 25,517 25,271 11,627 162,742 203,771 128 182.1 186,216 214,400,000 237,949 333,890 346.5 469,200,000 511.2 571.1 403,278,000 445,462,000 470,241,000 478.8 474.4 474,431,000 530.9 530,905,000 453.1 513,357,000 484,402,000 481.5 515,284,000 609 603.9 608,698,000 609,514,000 633.6 661.3 611.1 555.1 605,883,000                         
        non current tax liabilities
      		11,000,000 30 25,272 21,436                                                           1,461,000       
        other liabilities
      		856,000,000 830 782,569 765,961 1,086,684 1,102,339 1,139 1,148,998 1,152,885 603,186 569,574 538,214 536,597 541 535.3 506,886 509,300,000 518,562 537,913 551.9 447,400,000 432.1 425.2 507,603,000 424,692,000 434,005,000 423.4 414.5 414,541,000 378.3 378,335,000 365.8 373,046,000 394,347,000 353.3 331,213,000 302.8 296 303,351,000 320,673,000 325.9 350.5 371.9 358.6 345,431,000 333.9 224,956 217.1 220,509,000 220,295,000 229,289,000 201,312,000 216.8 201.3 197.6 176,626,000 191,537,000 176,626,000 154,881,000 144,857,000 148.7 176.6 364,467,000 336.5 336,500,000 274,566,000 274,566,000 187,917,000  
        trade payables
      		1,000,000 1 967 5,402 6,098 5,930 6 12,030 11,303 1,314 1,214 1,112 1,084 1 1 989 1,200,000 1,179 1,118 1.1 1,000,000 0.9 0.9 1,174,000 947,000 953,000 0.9 0.9 935,000 1.1 1,116,000 1.1 2,259,000 3,249,000 5.5 7,338,000 9.3 13.4 13,396,000 13,413,000 10.8 11.1 12 13.6 15,243,000 16 18,337 19.7 20,345,000 21,578,000 21,968,000 588,086,000 747 588.1 1 412,967,000 523,298,000 412,967,000 435,504,000 411,063,000 438.7 927.9 6,554,000 6.7 6,690,000 7,229,000 7,229,000 1,167,000  
        lease liabilities
      		161,000,000 165 171,316 163,666 167,121 176,704 186 188,913 198,576 179,428 183,200 190,134 199,252 208 213.7 215,250 227,800,000 235,938 242,063 251.6 257,600,000 262.8 273.2 298,219,000 279,269,000 289,989,000 323.5                                           
        borrowings
      		1,494,000,000 1,812 1,828,945 1,560,047 1,597,097 1,231,612 1,176 1,205,961 1,193,564 514,521 529,857 532,701 535,533 538 654 656,465 772,000,000 972,629 1,125,250 1,327.3 1,457,400,000 1,493.8 1,614.4 1,628,892,000 1,751,299,000 1,829,147,000 1,435.6 1,637.1 1,637,101,000 1,689.6 1,689,633,000 1,512.2 1,716,337,000 1,795,421,000 291.4 359,482,000 396.7 484.7 511,433,000 607,237,000 709.3 757.7 900.6 1,047.8 1,204,880,000 653.1 1,302,753 1,474 1,539,488,000 941,595,000 1,192,164,000 1,426,574,000 1,184.6 1,426.6 1,536.1 1,787,204,000 1,534,850,000 1,787,204,000 1,806,519,000 2,074,092,000 2,325.9 2,569.1 2,631,752,000 3,677.5 3,677,497,000 548,401,000 548,401,000 2,399,878,000 2,399,878,000 
        total non-current liabilities
      		3,181,000,000 3,480     3,337       1,502 1,679.4  1,812,100,000   2,559.5 2,889,600,000 3,152.8 3,360.7    3,297.4 3,236.8  3,299  3,056.6   1,205.5  1,324.8 1,404.6   1,689.9 1,790.7 1,904.7 1,986.4  1,647.1  2,459.8     2,315.9 2,540.6 2,635.2      3,375 4,008.3  5,415.1      
        provision for ongoing litigation related to the acquisition of a participation in usiminas
      		527,000,000 495 455,500 410,200 814,000 783,000                                                                
        current income tax liabilities
      		30,000,000 32 32,810 106,883 124,188 37,510 120 137,388 173,004 108,480 153,917 135,703 42,816 58 235 873,759 715,500,000 415,514 225,538 110.5 36,200,000 30.6 42.1 47,053,000 32,377,000 26,792,000 92.5 150.3 150,276,000 116.6 116,637,000 72.2 52,940,000 36,562,000 48.5 272,113,000 178.1 142 71,936,000 41,064,000 18.5 18.5 51.1 47.8 92,009,000                         
        total current liabilities
      		3,990,000,000 3,857     3,776       2,584 2,821.6  3,096,600,000   1,853.6 1,526,400,000 1,620.8 2,000.7    2,133.9 1,826.5  2,318.2  2,777.5   2,344.7  1,831.5 1,855.5   1,915.2 2,059.2 2,091.4 2,233.8  2,432.8  2,139.4     1,878.5 1,555.6 1,552.9      1,734.8 1,877  1,771.6      
        total liabilities
      		7,171,000,000 7,337 7,178,979 6,996,978 7,612,219 7,507,655 7,113 7,367,245 7,418,704 3,627,240 3,654,006 3,723,155 3,642,482 4,086 4,501 4,862,869 4,908,700,000 4,902,822 4,660,700 4,413.1 4,416,000,000 4,773.6 5,361.4 5,220,660,000 5,409,277,000 5,815,396,000 5,431.3 5,063.3 5,063,286,000 5,617.2 5,617,201,000 5,834 6,269,795,000 5,691,798,000 3,550.2 3,544,124,000 3,156.3 3,260 3,321,334,000 3,259,596,000 3,605.1 3,849.8 3,996.1 4,220.2 4,034,580,000 4,079.9 4,371,353 4,599.2 4,516,145,000 4,063,389,000 4,356,905,000 4,096,230,000 4,194.4 4,096.2 4,188.1 4,031,434,000 3,997,066,000 4,031,434,000 4,096,462,000 4,556,199,000 5,109.8 5,885.3 6,340,124,000 7,400.4 7,400,420,000 3,283,398,000 3,283,398,000 5,084,062,000 5,084,062,000 
        total equity and liabilities
      		23,471,000,000 23,919 23,715,575 23,128,547 23,938,458 23,663,141 24,669 24,179,104 24,285,039 17,936,807 17,906,504 17,491,548 17,421,906 17,790 17,720.5 17,097,907 16,174,600,000 14,850,579 13,753,236 12,856.2 12,193,000,000 12,389.6 12,938.8 12,935,533,000 13,004,074,000 13,583,257,000 13,100.9 12,547.9 12,547,862,000 12,495.9 12,495,921,000 11,863.8 12,122,566,000 11,426,152,000 9,095.6 9,061,708,000 8,322.9 8,332.7 8,146,942,000 8,062,593,000 8,834.8 9,211.5 10,254.5 10,607.8 10,372,624,000 10,471.4 10,866,999 11,313.6 11,519,461,000 10,902,552,000 11,658,866,000 11,112,331,000    10,292,673,000 10,561,786,000 10,292,673,000 10,086,894,000 9,808,061,000   13,221,104,000  13,767,310,000 8,770,539,000 8,770,539,000 8,659,981,000 8,659,981,000 
        assets
      		                                                                     
        non-current assets
      		                                                                    6,116,423,000 
        current assets
      		                                                                    2,543,558,000 
        current income tax assets
      		  142,895 129,713 133,825 204,622  486,470                                                              
        assets classified as held for sale
      		  7,734 7,285 8,168 8,035  6,740    1,764    1,921                                                      
        equity
      		                                                                     
        liabilities
      		                                                                     
        non-current liabilities
      		                                                                    3,690,629,000 
        current liabilities
      		                                                                    1,393,433,000 
        current assets - sum
      		                       4,178,213,000 4,564,538,000 4,936,343,000   4,426,038,000    4,395,283,000 4,298,490,000  3,291,803,000   2,529,092,000 2,582,204,000     3,219,462,000  3,655,628  4,062,470,000 5,594,461,000 5,918,504,000 5,532,893,000    5,042,538,000 5,202,506,000 5,042,538,000 4,606,091,000 4,697,470,000   4,682,762,000  5,148,013,000     
        financial lease liabilities
      		                           65.8  66.6  67.4   66.5                                   
        finance lease liabilities
      		                            65,798,000  66,621,000  69,005,000 65,770,000  67,236,000                                  
        capital and reserves attributable to the company's equity holders
      		                                          5,285 5,413.6  5,346.8  5,618     5,987.1                 
        capital and reserves attributable to the company’s equity holders
      		                                            5,340,035,000  5,420,883  5,881,970,000 5,760,978,000 6,054,246,000     5,296,342,000 5,562,214,000 5,296,342,000 5,073,634,000 4,364,747,000   4,902,663,000  4,452,680,000 3,757,558,000 3,757,558,000 1,842,454,000 1,842,454,000 
        deferred income tax
      		                                             629.2 682,091 731.4 698,857,000 775,510,000 871,610,000 877,742,000 885.5 877.7 853.9 857,297,000 900,170,000 857,297,000 826,799,000 701,802,000 810.2 1,233.4 1,157,862,000 1,337 1,337,039,000 985,155,000 985,155,000 1,048,188,000 1,048,188,000 
        current tax liabilities
      		                                             179.8 153,071 185.4 153,846,000 147,147,000 198,213,000 294,902,000 364 294.9 257.5 103,171,000 176,058,000 103,171,000 79,344,000 124,138,000 194.1 199.2 280,376,000 184.8 184,766,000 103,195,000 103,195,000 126,972,000  
        sidor financial asset
      		                                               136.9 138,403,000   74,549,000 223.5 74.5 446 964,359,000 691,382,000 964,359,000 258,208,000           
        investments in associated companies
      		                                                 8,180,000 8,613,000 8,212,000    6,577,000 6,329,000 6,577,000 6,384,000 6,035,000   44,692,000  44,042,000 16,285,000 16,285,000 9,122,000  
        capital and reserves attributable to the company’s equity
      		                                                                     
        holders
      		                                                   5,880,740,000                  
        investment in associated companies
      		                                                    8.3 8.2 5.7      5.6 4.7  44      
        non-controlling interests
      		                                                    1,191 1,135.4 996.3               
        total equity and liabities
      		                                                    11,372.5                 
        shareholders' equity
      		                                                     5,880.7 5,611.2      4,597.4 5,353.2  4,452.7      
        non-controlling interests & shareholders' equity
      		                                                     7,016.1 6,607.5               
        total liabilities, non-controlling interests & shareholders' equity
      		                                                     11,112.3 10,795.6               
        available for sale assets — discontinued operations
      		                                                           1,318,900,000          
        minority interest
      		                                                       964,897,000 1,002,506,000 964,897,000 916,798,000 887,115,000   1,978,317,000  1,914,210,000 1,729,583,000 1,729,583,000 1,733,465,000 1,733,465,000 
        available for sale assets
      		                                                            1,318.9 1,318.9        
        non-current assets classified
      		                                                                     
        as held for sale
      		                                                            5.3         
        minority interest in subsidiaries
      		                                                            964.1 1,195.6  1,914.2      
        minority interest & shareholders' equity
      		                                                            5,561.5 6,548.8  6,366.9      
        derivative financial
      		                                                                     
        instruments
      		                                                            57.2         
        liabilities related to non-current assets classified as held for sale
      		                                                                     
        total liabilities, minority interest & shareholders' equity
      		                                                            10,671.2 12,434.1        
        liabilities directly associated with non-current assets classified as held for sale
      		                                                                213,763,000     
        current liabilities - sum
      		                                                              2,118,469,000  1,985,349,000     
        liabilities related to discontinued operations
      		                                                               213.8      
        total liabilities, minority interest &shareholders' equity
      		                                                               13,767.3      
        other assets
      		                                                                   952,000  
        selected combined consolidated balance sheet data
      		                                                                     
        ifrs
      		                                                                     
        other non-current assets
      		                                                                    652,552,000 
        other current assets
      		                                                                    1,777,928,000 
        other non-current liabilities
      		                                                                    242,563,000 
        other current liabilities
      		                                                                    877,034,000 
        number of shares outstanding
      		                                                                    1,396,551,886,000 
        u.s. gaap
      		                                                                     
        total shareholders’ equity
      		                                                                    1,436,638,000 
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2012-06-30 2012-04-25 2011-11-02 2011-08-03 2010-05-04 2009-11-04 2009-05-05 
               
          cash flows from operating activities
        		       
          profit for the year
        		       
          adjustments for:
        		       
          depreciation and amortization
        		179,242,000 88,774,000 309,822,000 208,832,000 91,279,000 285,291,000 94,429,000 
          impairment charge
        		     27,022,000 27,022,000 
          income tax accruals less payments
        		75,851,000 29,892,000 -246,565,000 -143,043,000 116,793,000 -120,499,000 -148,004,000 
          equity in earnings of non-consolidated companies
        		 -1,423,000      
          interest accruals less payments/receipts
        		       
          changes in provisions
        		3,940,000 915,000 28,049,000 27,688,000 1,953,000 2,631,000 -1,196,000 
          changes in working capital
        		-170,043,000 -40,727,000 -572,264,000 -404,787,000 -22,961,000 847,430,000 371,291,000 
          net foreign exchange results and others
        		29,834,000 13,624,000 160,881,000 -113,240,000 -82,401,000 3,154,000  
          non-cash effects related to the provision for ongoing litigation related to the acquisition of a participation in usiminas
        		       
          non-cash effects related to the increase of the participation in usiminas
        		       
          net cash from operating activities
        		442,731,000 287,011,000 202,189,000 69,304,000 313,172,000 1,089,203,000 409,323,000 
          cash flows from investing activities
        		       
          capital expenditures and advances to suppliers for pp&e
        		       
          decrease in other investments
        		111,861,000 78,366,000 193,035,000 27,611,000 19,639,000 20,487,000  
          proceeds from the sale of property, plant and equipment
        		1,001,000 464,000 1,377,000 996,000 665,000 2,284,000 347,000 
          dividends received from non-consolidated companies
        		4,718,000       
          acquisition of business
        		     -196,000 -196,000 
          purchase consideration
        		       
          cash acquired
        		       
          acquisition of non-controlling interest
        		       
          net cash from investing activities
        		-2,532,502,000 -2,341,036,000 -117,491,000 -179,200,000 265,979,000 543,354,000 -69,015,000 
          cash flows from financing activities
        		       
          dividends paid in cash to company’s shareholders
        		-147,231,000  -147,231,000 -147,231,000    
          dividends paid in cash to non-controlling interest
        		       
          lease payments
        		       
          proceeds from borrowings
        		897,964,000 807,219,000 612,205,000 340,505,000 1,439,000 205,887,000 74,219,000 
          repayments of borrowings
        		-342,316,000 -278,411,000 -572,081,000 -298,043,000 -290,479,000 -1,017,427,000 -395,910,000 
          net cash from financing activities
        		421,915,000 543,508,000 -358,486,000 -225,369,000 -289,040,000 -811,540,000 -321,691,000 
          increase in cash and cash equivalents
        		  -273,788,000 -335,265,000 290,111,000 821,017,000 18,617,000 
          movement in cash and cash equivalents
        		       
          at january 1,
        		2,158,044,000 2,158,044,000 1,779,416,000 1,779,416,000 2,095,798,000 1,065,552,000 1,065,552,000 
          effect of exchange rate changes
        		-3,106,000 -1,054,000 -20,125,000 503,000 1,051,000 -2,202,000 -3,752,000 
          cash and cash equivalents at december 31,
        		       
          non-cash transactions:
        		       
          dividends paid in kind to non-controlling interest
        		       
          acquisition of pp&e under lease contract agreements
        		       
          adjustments related to post-retirement benefits and contingencies
        		       
          increase in other investments
        		      -868,000 
          icms provision recovery, net of reversal of related asset
        		       
          capital expenditures
        		-406,472,000 -176,256,000 -444,987,000 -277,237,000 -54,534,000 -145,764,000 -68,298,000 
          free cash flows
        		36,259,000 110,755,000 -242,798,000 -207,933,000 258,638,000 943,439,000 341,025,000 
          finance lease payments
        		       
          interest accruals less payments
        		5,229,000 7,571,000 18,136,000 11,128,000 -9,599,000 -3,815,000 570,000 
          recovery/(loans) to non-consolidated companies
        		       
          dividends paid in cash to non-controlling interests
        		       
          effect of exchange rate changes and inflation adjustment
        		       
          acquisition of pp&e under lease contract agreeements
        		       
          loans to non-consolidated companies
        		       
          investment in non-consolidated companies
        		       
          non- cash transactions:
        		       
          equity in losses of non-consolidated companies
        		3,069,000       
          results on the sale of participation in subsidiary companies
        		       
          sale of participation in subsidiary company, net of cash disposed
        		       
          contributions from non-controlling shareholders in consolidated subsidiaries
        		29,400,000 14,700,000 39,200,000 29,400,000    
          equity in (earnings) losses of non-consolidated companies
        		       
          decrease (increase) in other investments
        		       
          profit for the period
        		315,609,000 190,493,000 513,472,000 490,051,000 245,117,000   
          results on the sale of participation in subsidiary company
        		       
          investment in non-consolidated companies - usiminas
        		       
          cash and cash equivalents as of september 30,
        		       
          acquisition of business/stake - purchase consideration usiminas
        		       
          loans granted to non-consolidated companies - techgen
        		       
          investments in non-consolidated companies - techgen
        		       
          decrease in cash and cash equivalents
        		-1,667,856,000 -1,510,517,000      
          initial cash of peña colorada and exiros
        		       
          equity in losses (earnings) of non-consolidated companies
        		       
          proceeds from sidor financial asset
        		  133,084,000 69,430,000 300,209,000 666,543,000  
          acquisition of business/stake - purchase consideration
        		       
          dividends paid in cash by subsidiary companies
        		-15,902,000  -140,579,000     
          repurchase of treasury shares
        		  -150,000,000 -150,000,000    
          contributions in non-consolidated companies
        		       
          acquisition of business - purchase consideration
        		-2,243,610,000       
          cash and cash equivalents at june 30,
        		487,082,000   1,444,654,000    
          interest income – sidor financial asset
        		 -2,108,000      
          acquisition of business—purchase consideration
        		 -2,243,610,000      
          cash and cash equivalents at march 31,
        		 646,473,000   2,386,960,000  1,080,417,000 
          income from continuing operations:
        		       
          equity in earnings of associated companies
        		     -928,000 -541,000 
          acquisition of business:
        		       
          dividends received from associated companies
        		       
          contributions in associated companies
        		       
          equity in losses of associated companies
        		  -51,000 -453,000 223,000   
          interest income — sidor financial asset
        		  -9,291,000 -6,872,000 -27,232,000 -95,385,000  
          cash and cash equivalents at september 30,
        		  1,485,503,000   1,884,367,000  
          income from continuing operations
        		     144,302,000 -117,018,000 
          proceeds from the sale of discontinued operations
        		       
          discontinued operations
        		       
          cash & cash equivalents of discontinued operations at march 31, 2008
        		       
          income tax credit paid on business acquisition
        		       
          dividends paid in cash and other distributions to company’s shareholders
        		       
          dividends paid in cash and other distributions by subsidiary companies
        		       
          contributions from minority shareholders in consolidated subsidiaries
        		       
          dividends paid in cash and other distributions
        		       
          net foreign exchange losses and others
        		      182,770,000 
          net income for the year
        		       
          derecognition of property, plant and equipment
        		       
          excess of fair value of net assets acquired over cost
        		       
          changes to pension plan
        		       
          equity in loss (earnings) of associated companies
        		       
          others
        		       
          changes in trust funds
        		       
          investments in associated companies
        		       
          net proceeds from initial public offering
        		       
          contributions from shareholders
        		       
          non-cash transactions conversion of debt instruments into shares
        		       
          net income for the period
        		       
          derecognition of property,plant &equipment
        		       
          changes to pension plan -non cash
        		       
          change in trust funds
        		       
          (increase)/decrease in other investments
        		       
          proceeds from sale of property,plant &equipment
        		       
          dividends paid in cash and other distributions to company's equity shareholders
        		       
          dividends paid in cash and other distributions to minority shareholders
        		       
          repayment of borrowings
        		       
          net cash provided byfinancing activities
        		       
          net cash (used in) investing activities
        		       
          non-cash transactions
        		       
          conversion of debt instruments into shares
        		       
          currency translation adjustment and others
        		       
          amazonia convertible debt instrument
        		       
          acquisition of business-hylsamex
        		       
          proceeds form sale of investment in associated company
        		       
          contributions of minority shareholders in subsidiary companies
        		       
          contributions
        		       
          increase in cash and cash equivalents.
        		       
          acquisition of business-amazonia